September 8, 2017: Abu Dhabi: Apex Fund Services (“Apex”)receives official approval and licensing from the Financial Services Regulatory Authority (“FSRA”) of Abu Dhabi Global Market (“AGDM”).
Global independent fund administrator, Apex Fund Services, has become one of the first administrators to receive approval to carry out Regulated Activity in the jurisdiction.
Over the past year, Apex Abu Dhabi has increased its assets under administration by 40% as it goes from strength to strength in the region. Having recently acquired Equinoxe Alternative Investment Services, with the backing of Genstar Capital, Apex has stepped up to be ranked one of the world’s top 15 largest fund administrators.
Venki Subramaniam, Managing Director, Apex Fund Services Abu Dhabi, said:
“Abu Dhabi’s economic development and diversification plan has a strong positive impact on the asset management space and we are excited to be leading the way with the region’s development by being one of the first administrators to receive a license from the ADGM. Apex is already regulated in thirteen jurisdictions globally, therefore global standards are already in place at our Abu Dhabi office meaning the transition will be smooth; we look forward to further promoting compliance and best practice across the region.”
Mr Wai Lum Kwok, Executive Director of the Capital Markets Intermediaries of the FSRA of ADGM, said: “As an International Finance Centre, ADGM offers an open, well-regulated and efficient funds and investment platform that serves the needs of both local and global stakeholders. We welcome more leading firms and fund administrators like Apex Funds Services to add to the vibrancy of our financial ecosystem and accelerate the funds activities at ADGM and wider region.”
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